Condition Report:
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the exchange of goods. Early money used by people is referred to as "Odd and Curious", but the use of other goods in barter exchange is excluded, even where used as a circulating currency (e.g., cigarettes in prison). The Kyrgyz people used horses as the principal currency unit and gave small change in lambskins. The lambskins may be suitable for numismatic study, but the horse is not. Many objects have been used for centuries, such as cowry shells, precious metals and gems.

Money itself must be a scarce good. Many items have been used as money, from naturally scarce precious metals and cowry shells through cigarettes to entirely artificial money, called fiat money, such as banknotes. Modern money (and most ancient money too) is essentially a token - an abstraction. Paper currency is perhaps the most common type of physical money today. However, goods such as gold or silver retain many of the essential properties of money.

Coin collecting may have existed in ancient times. Caesar Augustus gave "coins of every device, including old pieces of the kings and foreign money" as Saturnalia gifts.[7]Petrarch, who wrote in a letter that he was often approached by vinediggers with old coins asking him to buy or to identify the ruler, is credited as the first Renaissance collector. Petrarch presented a collection of Roman coins to Emperor Charles IV in 1355.The first book on coins was De Asse et Partibus (1514) by Guillaume Budé.[8] During the early Renaissance ancient coins were collected by European royalty and nobility. Collectors of coins were Pope Boniface VIII, Emperor Maximilian of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Elector Joachim II of Brandenburg who started the Berlin coin cabinet and Henry IV of France to name a few. Numismatics is called the "Hobby of Kings", due to its most esteemed founders.Professional societies organized in the 19th century. The Royal Numismatic Society was founded in 1836 and immediately began publishing the journal that became the Numismatic Chronicle. The American Numismatic Society was founded in 1858 and began publishing the American Journal of Numismatics in 1866.In 1931 the British Academy launched the Sylloge Nummorum Graecorum publishing collections of Ancient Greek coinage. The first volume of Sylloge of Coins of the British Isles was published in 1958.In the 20th century as well the coins were seen more as archaeological objects. After World War II in Germany a project, Fundmünzen der Antike (Coin finds of the Classical Period) was launched, to register every coin found within Germany. This idea found successors in many countries.In the United States, the US mint established a coin Cabinet in 1838 when chief coiner Adam Eckfeldt donated his personal collection.[9] William E. Du Bois' Pledges of History... (1846) describes the cabinet.C. Wyllys Betts' American colonial history illustrated by contemporary medals (1894) set the groundwork for the study of American historical medals.

Exonumia is the study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration. This includes elongated coins, encased coins, souvenir medallions, tags, badges, counterstamped coins, wooden nickels, credit cards, and other similar items. It is related to numismatics proper (concerned with coins which have been legal tender), and many coin collectors are also exonumists.Notaphily is the study of paper money or banknotes. It is believed that people have been collecting paper money for as long as it has been in use. However, people only started collecting paper money systematically in Germany in the 1920s, particularly the Serienscheine (Series notes) Notgeld. The turning point occurred in the 1970s, when notaphily was established as a separate area by collectors. At the same time, some developed countries such as the USA, Germany and France began publishing their respective national catalogues of paper money, which represented major points of reference literature.Scripophily is the study and collection of stocks and Bonds. It is an interesting area of collecting due to both the inherent beauty of some historical documents as well as the interesting historical context of each document. Some stock certificates are excellent examples of engraving. Occasionally, an old stock document will be found that still has value as a stock in a successor company.

Notaphily is the study of paper money or banknotes. A notaphilist is a collector of banknotes, paper money, paper currency or plastic notes.

A banknote (often known as a bill, paper money or simply a note) is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money. With the exception of non-circulating high-value or precious metal commemorative issues, coins are used for lower valued monetary units, while banknotes are used for higher values.The banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty (618-907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. During the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century, with proper banknotes appearing in the 17th century.

Banknote collecting, or Notaphily, is a slowly growing area of numismatics. Although generally not as widespread as coin and stamp collecting, the hobby is slowly expanding. Prior to the 1990s, currency collecting was a relatively small adjunct to coin collecting, but the practice of currency auctions, combined with larger public awareness of paper money have caused a little interest and values of rare banknotes.Sanjay Relan, of Hong Kong is holding the Guinness world record since 2007 for collecting 221 banknotes representing 221 different countries. He also held the Guinness world record in 2007 for a short period for collecting 235 coins representing 235 different countries.

Most collectors will always prefer an Uncirculated note, and these notes command substantial premiums over lower grades. A note in UNC condition is generally worth up to ten times more in this condition compared with merely VG (Very Good). An UNC note can be worth three times as much as a VF one. For notes seldom found in uncirculated condition, the premium may be even higher. The difference between Gem Uncirculated and Uncirculated can also be substantial. As a result, buyers are at risk of grade inflation, in that a dealer failing to notice a fold in an AU note and passing it off as UNC will undoubtedly feel justified in charging a higher price.Bank notes below VF are usually considered undesirable in a collection, and are generally purchased where better-quality examples are either unavailable due to their scarcity or simply beyond the collector's budget. Common notes in such poor condition, however, are effectively unsaleable for anything above their face value (assuming they are still legal tender).

The term numismatist applies to collectors and coin dealers as well as scholars using coins as source or studying coins.

Coin collecting is the collecting or trading of coins or other forms of minted legal tender.Coins of interest to collectors often include those that circulated for only a brief time, coins with mint errors and especially beautiful or historically significant pieces. Coin collecting can be differentiated from numismatics in that the latter is the systematic study of currency. Though closely related, the two disciplines are not necessarily the same. A numismatist may or may not be a coin collector and vice versa.

The motivations for collecting are varied. Possibly the most common type of collector is the hobbyist, who amasses a collection purely for fun with no real expectation of profit. This is especially true of casual collectors and children who collect items on the basis of chance and personal interest.Another frequent reason for purchasing coins is as an investment. Speculators, be they amateurs or commercial buyers, generally purchase coins in bulk and often act with the expectation of short-term profit.

Most collectors decide to focus their financial resources on a narrower, specialist interest. Some collectors focus on coins of a certain nation or historic period. Others will seek error coins. Still others might focus on exonumia such as currency, tokens or challenge coins. For example, John Yarwood of Melbourne is the first person to take a serious interest in British military money (especially tokens).

The franc (sign: ₣, commonly also FF or F) was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra (which had no national currency with legal tender). Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It was re-introduced (in decimal form) in 1795 and remained the national currency until the introduction of the euro in 1999 (for accounting purposes) and 2002 (coins and banknotes). It was a commonly held international reserve currency in the 19th and 20th centuries.

The decimal "franc" was established as the national currency by the French Revolutionary Convention in 1795 as a decimal unit (1 franc = 10 decimes = 100 centimes) of 4.5 g of fine silver. This was slightly less than the livre of 4.505 g, but the franc was set in 1796 at 1.0125 livres (1 livre, 3 deniers), reflecting in part the past minting of sub-standard coins.The circulation of this metallic currency declined during the Republic: the old gold and silver coins were taken out of circulation and exchanged for printed assignats, initially issued as bonds backed by the value of the confiscated goods of churches, but later declared as legal tender currency. The withdrawn gold and silver coins were used to finance wars and to import food, which was in short supply.Too many assignats were put in circulation, exceeding the value of the "national properties", and the silver franc rarefied[clarification needed] to pay foreign suppliers. With national government debt remaining unpaid, and a shortage of silver to mint coins, confidence in the new currency declined, leading to hyperinflation, more food riots, severe political instability and termination of the First French Republic (the political fall of the French Convention. There followed the economic failure of the Directoire that replaced it, then a coup d'état that led to the Consulate. Under the Consulate, the First Consul progressively acquired sole legislative power at the expense of the other unstable and discredited consultative and legislative institutions.

The Napoleon is the colloquial term for a former French gold coin. The coins were minted (at various times) in denominations of 5, 10, 20, 40, 50 and 100francs. This article will focus on the 20 franc coins issued during the reign of Napoleon, which are 21 mm in diameter, weigh 6.45 grams (gross weight) and, at 90% pure, contain 0.1867 troy ounces or 5.801 grams of pure gold. The coin was issued during the reign of Napoleon I and features his portrait on the obverse. The denomination (known as the Franc Germinal French franc#French Empire and Restoration) continued in use through the 19th century and later French gold coins in the same denomination were generally referred to as "Napoleons". Earlier French gold coins are referred to as Louis (the name of eighteen French Kings) or écu (an old French word for shield).

The Napoleon is the colloquial term for a former French gold coin. The coins were originally minted in two denominations, 20 and 40 francs for Napoleon Bonaparte. The 20 franc coins are 21 mm in diameter (about the size of a U.S. five cent piece), weigh 6.45 grams (gross weight) and; at 90% pure, contain .1845 ounces or 5.801 grams of pure gold. The 40 franc coins are 26 mm in diameter, weigh 12.90 grams (gross weight) and; are 90% pure gold. The coins were issued during the reign of Napoleon I and feature his portrait, sometimes bare headed and other times wearing a laurel wreath (the ancient Roman symbol of supreme authority) and, depending upon the political status of France, the words on the front: either Bonaparte - Premier Consul (First Consul) or Napoléon Empereur (emperor). On the back: the legends read either "RÉPUBLIQUE FRANÇAISE" (the French Republic) or after 1809, "EMPIRE FRANÇAIS" (the French Empire). There was even a 20 Lire Napoleon minted under the auspices of the Kingdom of Italy, a country annexed by Napoleon I of France in 1805 as a result of the defeat of Austria (the former holder of the territories) at the Battle of Austerlitz.

It is sometimes questioned how a nation as sophisticated as France, controlled by a great leader such as Napoleon could have overlooked the differences between a republic and empire and in so doing indicate on their coinage that their republic was ruled by an emperor. It further appears that this oversight was corrected with the coinage of 1809. However, this is incorrect. As was hinted to about the laurel wreath being a symbol borrowed from Roman history, so too was Napoleon's understanding of an Emperor.[1] Caesar was the Emperor of the Roman Republic and emperor was understood in ancient times as the "chief administrator". Napoleon wished to not to be called "Grand Elector," which savored of Prussia, but "First Consul," which carried the aroma of ancient Rome.[2] So Napoleon remained deaf to the appeals for Communal self-rule. Going back to the Roman Consular system, or to the intendant of the late Bourbons, he preferred to appoint - or to have the Interior Ministry appoint - to each département (county) a ruling prefect, to each arrondissement (ward) a sub-prefect, and to each commune (parish) a mayor; each appointee to be responsible to his superior, and ultimately to the central government.[3] The civil service - the total administrative body - in Napoleonic France was the least democratic and most efficient known in history, with the possible exception of ancient Rome.[4] When viewed in this context, there is no incongruity with Napoléon Empereur and "RÉPUBLIQUE FRANÇAISE."

The coin continued in use through the 19th century and later French gold coins in the same denomination were generally referred to as "Napoleons". In particular the coins of Napoleon I, were minted not only at the several French mints but also at the mints in the Italian territories: Genoa, Turin (1803 to 1813), Rome (1812 to 1813) and; the Netherlands: Utrecht (1812 to 1813), and; in the Swiss territories: Geneva. During the French occupation of these places, although the mints came under French administration and minted French Empire coins, it was otherwise business as usual as the incumbent mint masters remained in their posts, for example: Sarwaas in Utrecht, Paroletti in Turin and Mazzio in Rome.

Some coins of King Louis 18 were minted in London in 1815. The English were supportive of the return of the French king to power after he was deposed by Napoleon in 1815, during the famous Hundred Days.[5] The coins minted at London were purportedly authorized by Louis 18, himself and were used to pay British troops occupying parts of North Western France. Some coins found their way to Paris and were considered counterfeits by the monetary authorities there and then. There was a exchange of diplomatic letters between France and England and the activity was stopped. The English artist who engraved the London dies, Thomas Wyon, Jr. (1792-1817), a highly accomplished artist, was insulted when his dies which were low relief based on the French struck coins and the original engravings of London born French engraver Pierre Joseph Tiolier(1763-1819) were considered inferior.[6][7] Allegations also arose that the London Mint did not respect French law regarding fineness and tolerance with these coins and these facts have been offered for the early withdrawal of the coins from circulation. However, contemporaneous assays demonstrated adherence to the French law by the London minters. No coins were struck after 30 November 1815. See, Bordeaux, P., «La pièce de 20 francs de Louis XVIII frappée à Londres en 1815», Revue belge de Numismatique, Brussels, 1904; See also, Dyer, G.P., « L'Atelier Royal de Londres et la Frappe de Louis d'Or en 1815 », Revue numismatique (française) 6e serie, XVIII (1976), pp. 136-141.

Napoleon left an impression on his era with his qualities as a General and a statesman. A worthy successor to Julius Caesar and Charlemagne, Napoleon tried to unify Europe and almost succeeded, especially in terms of the coinage.[9] The Napoleon coin was first authorized by a Monetary Ordinance of 28 March 1803 by the Premier Consul (First Consul) Napoleon Bonaparte. The 20 franc gold pieces which he authorized in 1803, became the model of all the coins of the Latin Monetary Union which circulated in Europe until 1914. The French coin carries the effigy, in profile, Napoleon, who would later become the French Emperor. The coins had the same value as the Louis, which bears the likeness of the pre-French Revolution King Louis XIV. For Napoleon, there were ostensibly seven types or varieties of the coins minted. In general the varieties differed in terms of obverse legend, reverse legends, portraiture, and calendaring system. For each variety, there was a new enabling statute or executive decree: 28 March 1803; 7 April 1803; 26 June 1804; 8 September 1805; 11 February 1807; 5 August 1807; and 22 October 1808. By extension, the term ''Napoleon'' is applied today to all the various types of 20 franc French gold pieces.

Although the portraits and legends changed with the political changes in France, the denomination remained in usage until the First World War under what was known as the Latin Monetary Union, the "Euro before the Euro", so-to-speak. Switzerland had 20 Swiss franc pieces, Spain had 20 peseta coins, Italy had 20 lira pieces, Belgium had 20 Belgian franc coins, and Greece had 20 drachma coins, all of which circulated and were accepted throughout Europe. Only for political reasons did the United Kingdom and the German Empire refuse to follow this direction. Attempts were even taken to explore the unification of the European currency with the American dollar, which explains the extremely rare U.S. pattern coins carrying $4 marking on the face and 25 franc markings on the reverse.

The coins bear the signature of the master engraver responsible for the engraving of the coins' dies. In later times the engraver used a symbol to identify himself. The coins also bear the mark (a symbol, letter, or monogram) denoting the particular French (or French controlled) mint which struck the coin. These mint marks often signal the rarity of the issue, for example the Napoleon 20 franc gold coin struck in 1809 at Paris and marked with the letter "A" had an issue of 687,508 coins; in the same year at the mint at Bordeaux, marked with the letter "K" only 2,534 coins were struck; while the mint at Lille, marked with a "W" struck 16,911 coins. Over the years there were some twenty-three French mints not only in France but also in annexed or occupied countries, including Italy, Switzerland and the Netherlands.

Droz, Jean-Pierre (1746-1823), was perhaps the most skillful and certainly the most famous engraver and medallist of his day. Born in La-Chaux-de-Fonds, Switzerland, Droz studied in Paris and won acclaim with his fine pattern piece known as the Écu de Calonne after the French finance minister. After a brief tenure at Matthew Boulton's Birmingham (Soho) Mint, Droz returned to France and in 1799 was appointed Keeper of the Coins and Medals at the Paris Mint, which post he held throughout the Napoleonic era. Meanwhile he was much in demand by other governments as a consultant. He struck patterns for Spain, the United States and his native Neuchâtel among others. In French coinage, the effigy of Napoleon as engraved by him appears both on the 20 and 40 franc gold pieces from 1804 through 1814. Droz was also responsible for the pattern of the 5 francs of the "Hundred Days" in 1815. Among his medallic work, the coronation medals for Napoleon in 1804.Tiolier, Pierre Joseph [Tee oh \ yeah] (1763-1819), born in London, was appointed the engraver-general of the Paris Mint from 1803-16. Tiolier engraved the patterns for the Bonaparte-First Consul coins. Tiolier was trained by his brother-in-law, the notable, Benjamin Duvivier. Many improvements of the coining machinery took place during Tiolier's tenure at the mint. His many medals and coins attest to his high skill. Tiolier's full signature appears on the dies he cut while coins bearing a "Tr" were from dies cut by others.Wyon, Jr., Thomas (1792-1817)was an English medallist who died at the early age of 25. In both 1810 and again in 1811, he won the Society of Arts gold medal for medal engraving. In four short years from 1811-15 he rose at the Royal Mint from a probationer to chief engraver.

1806 & 1807 Slight modifications in the portrait make it possible to distinguish the 1807 type from the preceding 1806 type; in particular, the variation is in the space between the rim and the top of the head. The 1807 issues are remarkable because the design was decided during Napoleon's absence. When he returned to Paris he was surprised to discover the new coins which were the result of the engraver's diligence. This is also considered a transitional issue, that is a coin struck after an official series ends, or before an official series starts. It can also refer to a coin struck with either the obverse or the reverse of a discontinued or upcoming series. These coins are a transitional issue because they were minted just before the 1807/08 issues (with laurel crown). The term "tête de nègre" sometimes used for these coins is a colloquial descriptor applied because of the frizzy appearance of Napoleon's hair as that of an African man.1813CL- Tiolier was responsible for the dies for the Napoleonic coinage of Genoa (15 November 1811 through 1814).1813Flag- the coining of French coins at Utrecht began on 16 November 1812 and did not continue beyond 1813.1815 - the beading for the 1815 issue consists of 100 beads rather than the 103 beads used from 1809 to 1814. The 1815 coins show a greater distance between the eyebrows and the points of the "N" in Napoleon which are 2.4 mm for 1815 compared to 1.5 mm for earlier strikes. It is unlikely that at the time of the Emperor's return, Tiolier's original 20 francs dies had been preserved and thus, the dies must have been re-cut for the Hundred Days (21 March 1815 through 14 July 1815). The 1815 issue constitutes a discrete variety and the dies, signed Tr, were cut by Droz.1815R (London) was struck in a lower relief, therefore, examples are difficult to find in better quality, yielding what is known as "condition rarities". On the obverse, the portrait is unsigned by the engraver, Wyon. On the edge, the word "SALVUM" appears to begin with the letter "Z" and the word "FAC" is not separated by a dot from the word "REGEM." On the reverse, the date is flanked by a fleur de lye, which was not a mark of any mint director, and the letter "R" which was not assigned to any French mint. The issue was considered counterfeit at the time of issue; however, it was authorized by Louis XVIII, in exile, and used for the payment of British troops serving in France.